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RESIDENTIAL STATUS & TAXATION 2 |
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Taxation
Management FIN 623
VU
MODULE
5
LESSON
5.15
RESIDENTIAL
STATUS & TAXATION
Residential
Status and Taxation Rules
Governing Resident
Individual:
� A day
of leave including sick
leave
� A day
that individual's activity is
stopped because of strike
etc
� A
holiday spent in
Pakistan
Rules
Governing Resident
Individual
� Part
of day shall be counted as a whole
day, for example day of
arrival or day of
departure
� Following
days shall be counted as whole
day:
� A Public
Holiday
Residential
Status of "Association of
Person"
Under
the law a Firm, HUF, etc.
are placed under the head
AOP.
Control
and management of affairs of
AOP is situated wholly or
partly in Pakistan.
Theory of
Control and Management
� If
Control and Management of
affairs of a company lies in
Pakistan, it is Resident Company,
even if
not
incorporated in Pakistan.
� Control
& Management refers to management of
vital affairs/Policy Making
Decisions of the
company.
22
Table of Contents:
- AN OVERVIEW OF TAXATION
- What is Fiscal Policy, Canons of Taxation
- Type of Taxes, Taxation Management
- BASIC FEATURES OF INCOME TAX
- STATUTORY DEFINITIONS
- IMPORTANT DEFINITIONS
- DETERMINATION OF LEGAL STATUS OF A PERSON
- HEADS OF INCOME
- Rules to Prevent Double Derivation of Income and Double Deductions
- Agricultural Income
- Computation of Income, partly Agricultural,
- Foreign Government Officials
- Exemptions and Tax Concessions
- RESIDENTIAL STATUS & TAXATION 1
- RESIDENTIAL STATUS & TAXATION 2
- Important Points Regarding Income
- Geographical Source of Income
- Taxation of Foreign-Source Income of Residents
- Exercises on Determination of Income 1
- Exercises on Determination of Income 2
- SALARY AND ITS COMPUTATION
- Definition of Salary
- Significant points regarding Salary
- Tax credits on Charitable Donations
- Investment in Shares
- SALARY AND ITS COMPUTATION EXERCISES 1
- SALARY AND ITS COMPUTATION EXERCISES 2
- SALARY AND ITS COMPUTATION EXERCISES 3
- Tax treatment of Gratuity
- Gratuity Exercise
- PROVIDENT FUND
- Exemptions on Business income, Treatment of Speculation Business
- Deductions Allowed & Not Allowed
- Deductions: Special Provisions, Depreciation
- Methods of Accounting
- Taxation of Resident Company
- Taxation of Companies: Exercises
- Computation of Capital Gain
- Disposals Not Chargeable To Tax
- TAX RETURNS & ASSESSMENT OF INCOME UNIVERSAL SELF ASSESSMENT SCHEME
- Normal Assessment, USAS, Provisional Assessment, Best Judgment Assessment
- ADVANCE TAX COLLECTION & RECOVERY OF TAX PENALTIES & PROSECUTION
- What is Value Added Tax (VAT)?
- SALES TAX
- SALES TAX RETURNS